PE-backed Rhapsody and Corepoint Health will merge


Hg-backed Rhapsody, a Boston-based provider of healthcare data interoperability, is merging with Corepoint Health, a Frisco, Texas-based integration platform for healthcare organization. No financial terms were disclosed.

PRESS RELEASE

BOSTON, Massachusetts – 2019 – Rhapsody, a global leader in healthcare data interoperability, today announced that the company will merge with Corepoint Health, the supplier of the Best in KLAS® healthcare integration platform. The transaction will bring together two companies at the forefront of interoperability and create a dynamic combination of technology, talent, services, and trusted customer relationships to address the most complex healthcare interoperability challenges.

Both companies will continue to support and advance their respective solutions, while the combined entity will also devote its expanded resources to addressing the growing need for interoperability among regional, national and international healthcare providers and vendors.

“Corepoint’s platform offers incredibly fast, turn-key operations for provider organizations, HIEs and OEM partners, all with industry leading customer satisfaction. Complementing this with Rhapsody’s fully customizable and multi-platform capabilities creates great synergies for our current and future customers,” said Erkan Akyuz, President and CEO, Rhapsody. “Both entities share great technical depth and breadth and both have maintained long-standing customer relationships, which together yields a broader foundation on which to build the future of interoperability in healthcare. Together, we can better support our customers to fulfill all of their changing and future needs.”

Available on premises and as a cloud-based service, the Rhapsody and Corepoint interoperability platforms offer comprehensive routing and transformation functionality for every operating environment, offering highly differentiated features, applications and end customer focuses. The two platforms also support commonly used messaging standards and protocols such as FHIR®, HL7® V2, CCD/C-CDA and DICOM. These integration engines are among the most secure technology platforms in the healthcare industry, with customer bases that include the entire healthcare ecosystem and across the globe, including provider organizations, technology vendors, HIEs and public health systems.

“We are entering a new era in healthcare where the emphasis will be on expanding ecosystems and establishing new data trading partner relationships to optimize clinical and operational workflows. These initiatives will be powered by interoperability and data management: healthcare organizations that can excel in these areas will have a significant competitive advantage,” said Sean Cassidy, CEO of Corepoint Health. “The combination of Rhapsody and Corepoint enables our customers to continue to get tremendous value out of the products and services they love, while having the confidence that their interoperability partner is heavily invested in helping them confront the challenges they will face in the future.”

“We move decisively when perfect opportunities present themselves,” said Philippe Houssiau, Operating Partner at Hg. “The opportunity to bring Corepoint and Rhapsody together was incredibly compelling. Our investments in these two phenomenal companies demonstrate how excited we are about the future of interoperability. Rhapsody is off to an amazing start as an independent company: joining forces with Corepoint will enable the combined team to accelerate the delivery of FHIR-based services, cloud-based integration solutions and support for regional and national interoperability frameworks.”

About Rhapsody
Rhapsody is an industry -leading interoperability platform that enhances healthcare ecosystems through seamless connectivity to unlock the potential of data, on-premises and in the cloud. With more than 500 customers globally, including over 350 in the U.S., Rhapsody is purpose-built for healthcare and has been one of the most recognized and trusted interoperability platforms for healthcare organizations for almost 20 years. To learn more about Rhapsody, visit https://rhapsody.health/.

About Corepoint
Corepoint Health delivers a powerful yet simplified approach to internal and external health data integration and exchange for hospitals, radiology centers, laboratories, and clinics. Our software solutions help health care providers and vendors achieve their interoperability goals. For the 10thconsecutive year, Corepoint Integration Engine has earned the #1 ranking in the Best in KLAS Awards: Software & Services report. To learn more about Corepoint Health, visit https://corepointhealth.com.

About Hg
Hg is a specialist private equity investor, committed to building businesses that change the way we all do business, through deep sector specialization and dedicated operational support. We are a leading European investor in software and services businesses, with increasing global presence, having built a team of 170 people over 25 years. Hg partners with the businesses and management teams we invest in, sharing best-practice ‘playbooks’ and leveraging Hg’s executive and portfolio network as a powerful tool for knowledge sharing across comparable businesses. Based in London, Munich and New York, Hg has funds under management of around $13 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com